Key support, watch at the close:.....>

EURO-YEN TECHS: Key support, watch at the close:

*RES 4: 123.00 Round number resistance

*RES 3: 122.54 High Jul 2

*RES 2: 122.32 High Jul 10

*RES 1: 121.62/85 200-hma / High Jul 15

*PRICE: 121.18 @ 08:54 GMT Jul 19

*SUP 1: 120.78 Low Jul 18 / Low Jun 3 and major support

*SUP 2: 120.38 1% Lower 10-dma envelope

*SUP 3: 120.00 Psychological round number

*SUP 4: 118.71 Ytd low

EURJPY has breached the channel base drawn off the Jun 3 low and tested major

support at 120.78, the low of Jun 3. To further confirm a channel breakout, a

daily close below the base at 121.18 has also occurred. This reinforces the

outright bearish tone and confirmed weakness below 120.78 would set 120.00 as an

objective ahead of the ytd low of 118.71. Key resistance has been defined at

122.32, the high of Jul 10. Initial resistance is at the 121.71/85 zone.